IREN Stock Is Surging Monday: What's Going On?

Shares of IREN Ltd (NASDAQ:IREN) are trading higher Monday morning, continuing a rise that has seen the stock climb over 500% year-to-date. Investor enthusiasm is largely tied to the company’s aggressive pivot to becoming a key AI utility, leveraging its renewable energy-powered data centers. IREN is delivering impressive returns. Find out why here. What To Know: This strategic shift was recently supercharged by a $674 million acquisition of advanced Nvidia GPUs, significantly expanding its AI cloud computing capabilities. Lifted by this expansion, IREN is targeting $500 million in annualized revenue from its AI division by the first quarter of 2026. Further strengthening its financial position, the company also recently closed an oversubscribed $1 billion convertible notes offering, signaling investor confidence.The bullish sentiment persists despite a public critique from famed short-seller Jim Chanos, who labeled the company’s growth story as being built on “ridiculous assumptions” and “hopium,” specifically questioning its profit margin forecasts and equipment depreciation schedule. For now, investors seem focused on IREN’s AI-driven growth trajectory.Investors will be closely watching IREN’s first-quarter 2026 financial results, slated for release after the market close on Nov. 6th, with Wall Street analysts anticipating earnings of 15 cents per share on revenue of $240.19 million.Benzinga Edge Rankings: According to Benzinga Edge Rankings, IREN boasts near-perfect scores for Momentum (99.56) and Growth (99.75).IREN Price Action: Iren shares were up 2.59% at $64.53 at the time of publication on Monday. The stock is approaching its 52-week high of $74.15, according to Benzinga Pro data.Read Also: Rate Cuts, Meltups, And Market Euphoria — Ed Yardeni Says It’s 1999 All Over AgainHow To Buy IREN StockBesides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. For example, in IREN’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.Image: Shutterstock